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06/02/2013

Boise Baby Boomers, Don't Forget The Final Letter of Instruction!

If
you’re a member of the Baby Boomer generation, there’s a good chance you have
not done even the most basic of estate planning. In fact, only 56 percent of
you have a will, according to a
2011 survey by Rocket Lawyer. So, if you have covered that base,
give yourself a well-deserved pat on the back … but not too heartily. As Smart Money recently
pointed out, most people overlook another crucial element in their estate plan:
a letter of final instruction.

The
letter of final instruction is a non-legal document that guides your family
through important tasks after your death. For example, your family might not
know where you keep important papers like a deed or a marriage or birth
certificate. They may need your passwords to access accounts on your computer.
You also may want to list the contact information for people you would want
notified, like friends that your family members may not know well. Trusts &
Estates magazine recently ran a list of items you might want
to include. The idea is not so much to set down demands or to solve possible
squabbles, because the document is non-legal, but just to supply the answers to
those questions that could otherwise prove troublesome for your family.

Of
course, this letter is just a small (and non-legal) part of your estate plan.
You still need to cover your legal bases with at least a will, living will,
health care proxy and durable powers of attorney.